Canadian Dollar Foreign Exchange Morning Update May 7, 2013

USD/CAD Open: 1.0041-1.0043 Overnight Range: 1.0040-1.0082

The Canadian dollar was rangebound in overnight trading. Oil is at $95.73 and gold is at $1,451. NY futures are higher. Today, there are no major data releases.

The short term Canadian dollar technicals are mixed. For today, USD resistance is at 1.0225, 1.0350 and 1.0450. Support is at 1.0010, and 0.9950.

Rate cuts in Australia have markets a bit more bullish than expected. Funds should flow out of AUD and in to CAD. The Canadian dollar continues to climb higher slowly over time towards parity and is at a 2 month high vs. the US dollar.

Today’s Suggested Range USD/CAD: 1.0000 – 1.0100

Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | May 7, 2013 | Daily Update | 0 comments
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